Court : Mumbai
Decided on : Nov-09-1984
Reported in : [1985]57CompCas241(Bom)
Madhava Reddy, C.J.1. The questions that arise for consideration in this writ petition filed by Escorts Ltd. and its shareholder and managing director are quite unique and important. The decision thereon may affect not only the petitioner-company but the entire corporate sector and the public financial institutions. Naturally, this writ petition has attracted considerable public attention both lay and legal. Quite a few facts are required to notice to appreciate the issue canvassed in this case. Though inferences sought to be down and the conclusions sought to be pressed by the parties form the facts leading to the filing of this writ petition differ, the facts themselves in the ultimate analysis are not very much in dispute.2. Till 1980, among the non-residents, only individuals of Indian nationality origin were given the facility to invest in Indian Industries; not the companies. The Government of India was eager to attract larger foreign remittances into India. In a report of the Wo...
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